The invention generally relates to estimating a remaining equipment life and more specifically to a method and system for estimating a remaining equipment life based on multiple parameters.
Equipment life estimates are usually performed for estimating a remaining equipment life and are also useful in the determination of the time to failure and reliability of equipment components. Typically, age based population distributions serve as a primary information source for estimating a remaining equipment life. In that case, the current age of the equipment is taken as an indication of the time to failure of the equipment. However, age based population distributions have considerable degrees of variability in their distribution which reduces the usefulness of the remaining equipment life estimates.